|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cryptocurrency News Articles
Ripple Labs-Affiliated Crypto Wallet Transfers 30 Million XRP to Unknown Wallet
Oct 25, 2024 at 02:38 am
This bold move has raised concerns about selling pressure in the market. Meanwhile, XRP’s price continues to drop amid a general crypto market downturn.
A large amount of XRP, valued at about $15.9 million, was recently transferred from a crypto wallet affiliated with leading blockchain firm Ripple Labs to an unidentified wallet, according to recent blockchain data.
The transaction, which involved the movement of 30 million XRP, was flagged by Whale Alert, a platform that tracks and reports significant crypto transactions. The sending address (rKve…3PEv) sent the XRP to an unknown wallet, and further details about the latest XRP transfer from Ripple are yet to emerge.
There are speculations that Ripple is offloading its reserves to third parties, which could be contributing to the market volatility.
Also, the XRP transaction might be linked to liquidity provisions for Ripple's ongoing operations.
Interestingly, the latest transaction comes amid several XRP transfers from Ripple in recent months. On September 19, several XRP transfers were made by the blockchain company, sending 100 million XRP, valued at $57.92 million, to different exchanges.
Several large XRP transfers occurred last month, with other whales also moving large amounts of the coin. Notably, Whale Alert reported a 95 million XRP transfer to a wallet connected to the Binance crypto exchange.
In another transaction, large XRP holders also moved about 81.56 million XRP to different exchanges.
There are also speculations that these token transfers might be linked to the escrow operations of Ripple Labs. The company launched the escrow system in December 2017 to ensure the predictability and stability of the XRP market.
Unlike most cryptocurrencies, XRP is pre-mined and has a total token supply of 100 billion. Of the coin’s total supply, 80 billion XRP coins were allocated to Ripple. The remaining 20 billion XRP is for Ripple's co-founders and the core team.
To ensure a stable supply of XRP, the firm locked 55 billion XRP in an escrow account. Ripple scheduled the escrow release at a rate of 1 billion per month, with the original release schedule targeting 55 months.
Ripple periodically releases XRP from its escrow accounts to fund its operations. Additionally, unsold XRP goes back into escrow, and this mechanism is expected to steady the price volatility. However, this trend does not usually hold as large unlocks can lead to volatility and potential market speculation.
Within the last 24 hours, XRP has recorded a major price drop, decreasing by 2.76% to $0.524. This decrease comprised a 5.52% decline since the start of the week.
Meanwhile, Ripple's ongoing legal conflicts with the United States Securities and Exchange Commission (SEC) continue to stir discussions in the market. The SEC recently filed a late appeal against Ripple, focusing on the key aspects of XRP's sales and executives' actions. Many expect the regulatory clarity on XRP will boost its price once the case is over.
In a related development, Ripple co-founder Chris Larsen donated $10 million to assist Vice President Kamala Harris's presidential campaign. With high stakes in the US political landscape from crypto leaders, some believe a pro-crypto President will emerge that can help boost XRP ETF approval.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
-
- Sui Reveals a Partnership With Google Cloud to Improve Data Access
- Oct 25, 2024 at 06:20 am
- Sui, a Layer 1 blockchain platform, has established a strategic partnership with Google Cloud, mediated by ZettaBlock. This collaboration enables developers to access real-time blockchain data using Google Cloud’s Pub/Sub service, opening up new possibilities for innovative applications.
-
- AAVE, BNB, and BlockDAG Poised for Significant Growth as Crypto Scene Morphs
- Oct 25, 2024 at 06:20 am
- AAVE has jumped 85% since September 2024, now just 11% away from a new yearly peak, grabbing the attention of many in the market. Similarly, Binance Coin (BNB) could soon break out, with patterns suggesting a potential climb to $725—a 19.45% rise from today's price. While these coins are looking up, BlockDAG (BDAG) shines brightest following a successful test launch and a presale that pulled in almost $102 million already, with its price exploding 1960% from $0.001 to $0.0206.
-
- Which Cryptocurrency to Buy Today: Unveiling Hidden Gems and Assessing the Potential of Bitcoin, Ethereum, and More
- Oct 25, 2024 at 06:20 am
- In the dynamic world of cryptocurrency, savvy investors frequently ponder which coins to add to their portfolios. While the market is notorious for its volatility, there are several high-potential options to consider based on current trends and technological advancements.
-
- Pepe Unchained ($PEPU) and FreeDum Fighters ($DUM): Altcoins Poised to Rally as US Election Approaches
- Oct 25, 2024 at 06:15 am
- As the US election approaches, political momentum and market uncertainty may fuel gains in altcoins. Analysts point to Pepe Unchained and FreeDum Fighters as two promising low-cap tokens that could benefit from the current environment.